Did you know that by 2015, millennials will have spent $2.45 trillion. By 2018, they’ll spend more than the much coveted baby boomer generation shelling out more than $3.4 trillion. Each day, more than 10,000 people turn 21.
The millennial generation are those born between 1980-2000, and they are slowly taking over. The baby boomer population has long been coveted as the generation to cater to if you want your business to thrive but as the boomers enter retirement, and may be more cautious about spending, it's time to learn and understand the Millennials.
Some facts you should know, 85 percent of Millennials are either working or in school.
They ARE Addicted to Technology
Millennials and their technology are a love affair that won’t end soon but how many baby boomers do you know that don’t have a cell phone near by? What’s the largest growing demographic on Facebook? Baby boomers. It’s not just Millennials—it’s everybody.
They DO Value Happiness
Millennials have the reputation of seeking happiness over paying the bills. There’s no doubt that the modern world is looking for balance between work and play.
They’ve grown up in the fitness and healthy eating world where nearly half of marriages end in divorce.
But it’s not fair to characterize baby boomers as uncaring and addicted to work at the expense of their family either. Each generation has a strong representation of all types.
Now that we have a better understanding of Millennials, how does a business owner convince them to buy?
You Need to Have a Social Media Presence
In the mind of Millennials, the lack of a social media presence makes your business irrelevant; A dinosaur that doesn’t understand the modern way of doing business in the digital age. But that doesn’t mean that you need to hire some hipster social media consultant to blow up the Internet with all-things related to your business.
Have a Facebook or Twitter presence. Update it a couple of times each week. If you’re not a big fan of social media, ask one of your employees to take on the task.